The 167-year-old working ranch, located about 175 miles northwest of Dallas, totals 510,000 acres covering six counties. Waggoner Ranch includes thousands of cattle, hundreds of horses and oil wells, and 30,000 acres of farmland.

It came on the market at $725 million in August 2014 after years of legal proceedings between the heirs of cattle and oil baron W.T. Waggoner over whether the ranch should be sold.

Waggoner Ranch will be integrated into the operations of the U.S. division of Kroenke Ranches, an affiliate of Kroenke's Sports Enterprises.